China Citic accepts tenders of $185.02 million 6 7/8% notes

By Wendy Van Sickle

Columbus, Ohio, Feb. 26 – China Citic Bank International Ltd. said it accepted $185,016,000, or 37%, of its $500 million of 6 7/8% subordinated notes due June 24, 2020 in a tender offer that ended at 11 a.m. of Feb. 26.

The conditions, including a financing condition, have been waived, the company said in a news release on Tuesday evening.

Pricing was set at $1,045.66 for each $1,000 principal amount using a fixed spread of 80 basis points over the reference yield at 11 a.m. ET on Feb. 25.

Holders who tendered their notes will also receive accrued interest up to but excluding Feb. 28.

The offer began Feb. 14.

The dealer managers for the tender offer are China Citic Bank International (+852 3603 6846 or cncbi_dcm@cncbinternational.com), Citigroup Global Markets Ltd. (+852 2501 2693, +44 20 7986 9000, 212 723-6106 or liabilitymanagement.asia@citi.com), Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100, +44 20 7992 6237, 212 525-5552 or liability.management@hsbcib.com) and ICBC International Securities Ltd. (+852 2683 3778 or liabilitymanagement2019@icbci.com.hk). D.F. King (+44 20 7920 9700, +852 3953 7231 or citic@dfkingltd.com) is the information and tender agent.

The bank is based in Beijing.

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